Evolving counts on Numbering sale to boost M2M business

Evolving Systems is selling its Numbering Solutions business to Neustar for US$39.0m in cash so it can concentrate on its M2M products.

Thad Dupper (pictured), chairman and CEO of Evolving Systems, said the proposed sale was designed to increase shareholder value and let the company concentrate on its Dynamic SIM Allocation (DSA), Tertio Service Activation (TSA) and Intelligent M2M Controller (IMC) products.

Specific terms of the transaction, which is subject to stockholder approval and other customary closing conditions, will be disclosed in SEC filings.

“Over the past several years we have made significant investments in our industry leading DSA solution and our expansion into international markets,” said Dupper.

“The sale of our Numbering Solutions business allows us to focus our resources, which could include as much as $48.0m in cash, on DSA and our other service activation solutions where there is excellent potential for growth.”

“In addition, our Numbering Solutions business is an ideal fit for Neustar. Our well-established industry reputation, our portfolio of tier-one Numbering customers and our subject matter expertise all will be great additions to Neustar.”

In 2010 Evolving Systems’ Numbering Solutions business generated $14.5m, or 39% of total revenue, while the company’s TSA and DSA businesses contributed $22.8m, or 61% of overall revenue.

The company’s board of directors has voted unanimously in favour of the transaction. In addition, the Singer Family Trust, which holds about 23% of Evolving Systems’ outstanding shares, has indicated its support of the transaction.

Evolving Systems will call a special meeting of stockholders to seek approval of the transaction and issue a proxy statement containing detailed terms and conditions of the proposed sale, which proxy statement is subject to SEC review. Assuming satisfaction of all closing conditions and approval by stockholders, the transaction is expected to close within 120 days of signing.

Lazard acted as financial advisor and B Riley provided a fairness opinion to Evolving Systems for this transaction.

Recent Articles

Trusted Connectivity Alliance members report 83% global eSIM growth in 2020

Posted on: March 5, 2021

New market monitoring data published by Trusted Connectivity Alliance (TCA) shows significant global eSIM growth in 2020. TCA says that eSIM shipments collectively reported by its members increased 83% year-on-year to reach 309 million units last year.

Read more

Corero Network Security enhances SmartProtect – DDoS Protection as-a-Service

Posted on: March 5, 2021

Corero Network Security plc, a provider of real-time, high-performance, automatic Distributed Denial of Service (DDoS) cyber defense solutions announces several new capabilities of their SmartProtect offering, along with flexible procurement models.

Read more